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Toyota Credit Settles U.S. Discrimination Charges
Toyota Motor Credit Corp. has agreed to pay as much as $22 million to settle allegations by the U.S.
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Toyota Motor Credit Corp. has agreed to pay as much as $22 million to settle allegations by the U.S. Dept. of Justice and Consumer Financial Protection Bureau that it charged minority customers too much for their car loans.
Toyota Credit also will limit the margins dealers make on its loans, Automotive News reports. The company denies any wrongdoing. CFPB says the lender didn’t discriminate intentionally but followed policies that resulted in “discriminatory outcomes.”
The settlement does not involve any civil fines. Instead, Toyota Credit will pay into a fund to compensate its African-American and Pacific Islander customers who were charged too much between 2011 and whenever the company implements its new pricing and dealer compensation plan.
CFPB estimates affected borrowers paid $100-$200 more than they should have over the terms of their auto loans.
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